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Bimco: Transporting oil has never been less profitable

Tankers transporting crude oil have never experienced such lackluster earnings as seen in the first half of 2018.

Photo: Euronav

The first half of 2018 has been a dreadful period for oil tankers. Shipping companies carrying oil have never seen such poor incomes, says international shipping association Bimco, which represents a wide group of shipping companies.

"2018 has been completely awful for tankers shipping crude. Freight rates are low, and utilization rates are historically low," says Bimco Chief Shipping Analyst Peter Sand in an analysis.

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